Client Advisory Letter (April 2022)
At a glance
Updates, reiterations, and clarifications on selected topics
Taxes, compliance matters, assessments, and refunds
- Undisputed assessment Effect of late filing of protest against a Final Assessment Notice
- Point of interest Compensatory or legal interest awarded by the courts is tax-exempt
- Intent to evade The 10-year prescriptive period does not apply to all false returns
- Into the void An assessment can still be valid despite a void FDDA
- Hospital rate Income taxation of proprietary educational institutions and non-profit hospitals
- Use of PERA Additional guidelines in implementing the tax provisions of the PERA Act of 2008
- Car troubles Clarifying the taxable base of excise taxes on automobiles in the sworn statement
- No-contact registration Availability of Central Business Portal for online registration
- Vaccine updates Updated list of VAT-exempt medicines for COVID-19 treatment and hypertension
- Alignment Amending certain Q&As in RMC 24-2022 in relation to CREATE Act and its IRR
- ITR attachments Clarifying the deadline of submitting attachments to the 2021 annual ITRs
- PERA withdrawals Penalties for early withdrawal of qualified contributions under PERA Act of 2008
- No surcharge Discontinuing the 25% surcharge on deficiency taxes in amended returns
- ITR deadline Clarifying the deadline for filing annual ITRs for calendar year 2021
- Using the eAFS Clarifying the use of the eAFS System
- WFH issues Manner of paying the penalty for violating conditions for WFH arrangements
- Sunset provision Expiration of VAT zero-rate incentive for export enterprises before the CREATE Act
- CETI alternative Clarifying the submission of Certificate of Entitlement to Tax Incentives
- Prescribed formats Uniform templates for VAT Zero Percent (0%) Certifications to be issued by IPAs
- TCC revalidation Policies and procedures for the revalidation of tax credit certificates
- Bank advisory Deadline for filing annual income tax returns for calendar year 2021
- ONETT payments Acceptance of tax returns and payments without the “TIN VERIFIED” stamp
Latest on regulatory landscape
- Wage disclosure Submission of Annual Establishment Report on Wages
Meet us
- PwC Philippines co-presents the 1st Accounting Students Research Festival
- Alex Cabrera gives views on the country’s learning crisis
- Brando Cabalsi, MJ Balboa headline tax seminar for investors
- PNB taps PwC to help sell foreclosed North Harbour lot to ICTSI
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